* Global Stock Fund began operations on 5/1/2008. For the period 5/1/2008 through 12/31/2008 the Fund returned -46.21%. The MSCI World's total return was -38.06% over the same period.

International Stock Fund

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Annual

MSCI EAFE Index Annual

2015

4.20%

-0.30%

2014

2.76%

5.00%

-2.71%

-4.66%

0.07%

-4.90%

2013

3.64%

1.70%

11.15%

7.83%

26.31%

22.79%

2012

12.72%

-8.34%

7.42%

9.06%

21.03%

17.32%

2011

2.52%

0.47%

-21.72%

4.23%

-15.97%

-12.13%

2010

3.70%

-14.05%

18.14%

7.96%

13.69%

7.74%

2009

-12.97%

33.37%

24.39%

2.13%

47.46%

31.78%

2008

-10.78%

-0.85%

-18.50%

-26.06%

-46.68%

-43.39%

2007

5.01%

6.61%

0.43%

-0.65%

11.71%

11.18%

2006

9.91%

1.20%

3.31%

11.40%

28.00%

26.35%

Balanced Fund

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Annual

Combined Index Annual

2015

-0.27%

1.37%

2014

2.44%

3.73%

0.68%

1.76%

8.85%

10.62%

2013

8.83%

3.47%

5.19%

8.37%

28.37%

17.56%

2012

10.85%

-2.23%

6.59%

2.42%

18.32%

11.30%

2011

4.91%

0.67%

-14.14%

8.45%

-1.66%

4.70%

2010

5.56%

-9.58%

8.49%

8.37%

12.23%

12.13%

2009

-10.35%

18.94%

15.97%

3.82%

28.37%

18.39%

2008

-8.03%

-3.57%

-10.43%

-16.37%

-33.57%

-22.06%

2007

1.62%

3.67%

-0.64%

-2.82%

1.74%

6.22%

2006

3.54%

0.53%

4.26%

4.90%

13.84%

11.11%

Income Fund

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Annual

Barclays
U.S. AggIndexAnnual

2015

1.29%

-1.19%

2014

2.31%

2.19%

0.00%

0.89%

5.48%

5.95%

2013

0.54%

-1.84%

0.82%

1.15%

0.64%

-2.02%

2012

2.97%

1.29%

2.50%

0.97%

7.94%

4.23%

2011

1.36%

1.77%

0.19%

1.37%

4.76%

7.86%

2010

2.24%

1.99%

2.58%

0.19%

7.17%

6.56%

2009

0.26%

7.48%

5.84%

1.76%

16.05%

5.93%

2008

0.56%

-0.33%

-3.77%

3.37%

-0.29%

5.24%

2007

1.43%

-0.24%

2.09%

1.32%

4.68%

6.96%

2006

0.08%

0.00%

3.43%

1.72%

5.30%

4.33%

Global Bond Fund*

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Annual

Barclays
Global AggIndexAnnual

2015

-1.07%

-1.08%

2014

2.92%†

3.03%

-2.35%

-1.81%

1.67%

0.58%

2013

-0.10%†

-2.20%†

2.96%†

1.98%†

2.59%†

-2.60%

* Expense reimbursements have been in effect for the Fund since its inception. Without the expense reimbursements, returns for the Fund would have been lower.

† Dodge & Cox Global Bond Fund, L.L.C., a private fund managed and funded by Dodge & Cox (the “Private Fund”) was reorganized into the Fund and the Fund commenced operations on May 1, 2014. The Private Fund was organized as Delaware limited liability company and was treated as a disregarded entity under the Internal Revenue Code of 1986, as amended (the “Code”). The Private Fund commenced operations on December 5, 2012, and had an investment objective, policies, and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the Private Fund was not registered as an investment company under the Investment Company Act of 1940 (the “1940 Act”), and therefore was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Code, which, if applicable, may have adversely affected its performance. The Fund’s performance for periods prior to the commencement of operations on May 1, 2014, is that of the Private Fund. The performance of the Private Fund has not been restated because the net total operating expense ratio of the Private Fund and the Fund are the same.

Returns represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares are sold. Mutual fund performance changes over time and currently may be significantly lower than stated above.
Monthly updates to performance are accessible from the
Performance &
Prices page.

All returns are stated in U.S.
dollars, unless otherwise noted. The Funds’ total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions
or on Fund share redemptions. Index returns include dividend and/or interest income
but, unlike Fund returns, do not reflect fees or expenses.

The S&P 500 Index is a market
capitalization-weighted index of 500 large-capitalization stocks
commonly used to represent the U.S. equity market. The MSCI
World Index is a broad-based, unmanaged equity market index
aggregated from 24 developed market country indices, including
the United States. The MSCI EAFE (Europe, Australasia, Far East)
Index is a broad-based, unmanaged equity market index aggregated
from 22 developed market country indices, excluding the United
States. The Combined Index reflects an unmanaged portfolio
(rebalanced monthly) of 60% of the S&P 500, and 40% of the Barclays
U.S. Agg.
The Fund may, however, invest up to 75% of its total assets in
stocks. The Barclays U.S. Aggregate Bond Index (Barclays U.S.
Agg) is
a widely recognized, unmanaged index of U.S. dollar-denominated
investment-grade fixed income securities. The Barclays Global Aggregate Bond Index (Barclays Global Agg) is a widely recognized, unmanaged index of multi-currency, investment-grade fixed income securities.

MSCI makes no express or implied warranties
or representations and shall have no liability whatsoever with
respect to any MSCI data contained herein. The data may not be
further redistributed or used as a basis for other indices or
any securities or financial products. This report is not
approved, reviewed, or produced by MSCI.

S&P 500®
is a trademark of McGraw Hill Financial. Barclays® is a trademark of Barclays
Bank PLC.MSCI World and MSCI EAFE are service marks of MSCI Barra.

This site is for persons in the United States only.
Before investing in any Dodge & Cox Fund, you should carefully consider the Fund's investment objectives, risks, and
charges and expenses. This and other important information is contained in a Fund's prospectus and summary prospectus. Please read the prospectus and summary prospectus carefully before investing. Investments are not FDIC-insured, nor are they deposits of or guaranteed by any bank or any other entity.